Used EV Tax Credit Explained | Is the Sonata PHEV a Bargain?!
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The Federal Used EV Tax Credit can be a little tricky to understand however the IRS has released and updated their websites to show which vehicles qualify and what the income and other criteria are. The list of vehicles that qualify doesn't mean you will be able to get the tax credit because the price of the sale is limited to $25,000 or less. Even with income and purchase price limitations, there are some great deals to be had out there. The 2019 Hyundai Sonata PHEV is a great example of how you can get a CPO vehicle for well under $25,000 after the credit.
IRS Criteria: www.irs.gov/credits-deduction...
Vehicle List: www.irs.gov/credits-deduction...
#taxcredit #electricvehicle #sonata
Пікірлер: 36
Great information, video and presentation well done, as all of your videos usually are.
@CarsMadeSimple
Жыл бұрын
Thanks Frank!
@frankrothiz4u
Жыл бұрын
@@CarsMadeSimple You're welcome.
No Tesla on the IRS website is crazy. A used model S is right up my alley.
Does purchase price (25k limit) include taxes, title, documentation fee etc? Or the Selling price only? Thanks
@circletech7745
5 ай бұрын
No, only sale price from the dealer. Taxes, title, and state/local fees are not included in $25,000 limit.
Thank you!!
@CarsMadeSimple
Жыл бұрын
You're welcome!
Does anyone know what's the IRS' definition of sale price? Is it the value of what the car was agreed to be sold for or is it the price of the car plus tax, fees, dealer addons?
@edmondsmith6008
7 ай бұрын
The IRS website said purchase price is price of vehicle plus any dealer fees. Does not include sales tax and title (required by law).
I dont know what im doing wrong but the used ev link doesnt go to a useable list.
Where is this Sonata for sale?
Just got a certified 2019 Sonata Plug-In with only 13k miles 💪
@CarsMadeSimple
7 ай бұрын
Congrats!
So basically have to buy a 1 owner used vehicle?
@VictorJB86
7 ай бұрын
Not necessarily. The credit just started in 2023, so as long as you’re the only one that has purchased it in 2023…you would qualify. The used credit gets trickier as the years go on.
@salamussss
Ай бұрын
""It must not have already been transferred after August 16, 2022, to a qualified buyer."" SO SEARCH CARS WITH CARFAX. BUT THE LAST OWNER NEEDS TO BE LISTED BEFORE THAT DATE TO BE SAFE!!!!!!! EASY $4000!!!!!!!!!
I am currently looking at a 2018 honda clarity and it is 23,000 but with taxes and title it gets real close to the 25,000 limit. I want to add the extended warranty from dealership but am not sure because it will put the price over 25,000. Would that disqualify me from getting the credit? Even though the price of just the car is under 25k.
@chancebynum
Жыл бұрын
This is the same question I’m trying to get answered. I can’t figure out if a car listed at 25,000 qualifies regardless of taxes and title.
@jorgeluiscorrea992
Жыл бұрын
Lol what. The 25k limit is only for the purchase price of the vehicle not the total amount included taxes or any add one like warranties
@ETube37
Жыл бұрын
Sale price of vehicle.
What if sale price, (sticker price) is 23,997?
@CarsMadeSimple
3 ай бұрын
I believe it excludes tax, title, license, etc. Only goes off of the sale price but please double check.
@salamussss
2 ай бұрын
Have a sale price of $25,000 or less. Sale price includes all dealer-imposed costs or fees not required by law. It doesn't include costs or fees required by law, such as taxes or title and registration fees......... Most trash dealerships from piece of s states from West Coast, have a bunch of fees. Like $999 doc fees, etc etc... so you need to ask Out-the-door price before you visit the dealership
Where is this Sonata for sals?
@CarsMadeSimple
Жыл бұрын
Green Family Hyundai in Moline Il
Most dealers have no idea about completing the irs paperwork for buyers to easily get their credits
@CarsMadeSimple
11 ай бұрын
This is true. I believe dealers should be more aware of what it needed but it also should be the buyers responsibility to verify everything and understand the rules around the programs.
@viktorivakhno2244
7 ай бұрын
@@CarsMadeSimplebut dealer should register on irs site. Did you try to tell it to some old gentlemen and ask to register? ))) Lol
@howtogobrokein0-60
3 ай бұрын
I would actually prefer to file for the credit on my own. I’ve noticed dealers who offer this generally markup the prices to account for the rebate.
A “used vehicle under $25k” does not answer dilemma I am getting from a dealer. He says it is the “asking” price as original chosen by the dealer, and tax credit is not controlled by the final OTD purchase price. So a dealers sale price posted of $25,001 would NOT qualify for getting used clean vehicle tax credit, even if the dealer knocks off one dollar. 1:54 Dealer is adamant despite me sending copy of federal law/notices. Hmmmm
Bro… did you fart? Lol don’t lie! It’s at 1:27
It has to be from a Dealer😢
@CarsMadeSimple
11 ай бұрын
Correct
Why does the Ford get a fart?
@cav8285
7 ай бұрын
Because it’s a terrible electric car…🤷🏻♂️